scholarly journals The effect of option trading

2021 ◽  
Vol 7 (1) ◽  
Author(s):  
Keming Li
Keyword(s):  
Information Asymmetry ◽  
Trading Volume ◽  
Corporate Investment ◽  
The United States ◽  
Corporate Policies ◽  
Option Trading ◽  
Public Data ◽  
Prior Literature ◽  
Alternative Measures ◽  
Investment And Financing

AbstractThis paper studies the effect of option trading on corporate investment and financing policies. Based on prior literature, I hypothesize that option market induces informed trading and thus reduces information asymmetry and the cost of capital. As a result, firms with high option trading have more investment and financing. Specifically, based on the United States public data, this paper finds that option trading volume increases corporate investment and financing, but reduces cash holdings and corporate payouts. These results are robust to the inclusion of industry or firm fixed effect, a control for endogenous options trading, and the use of alternative measures of option trading and corporate policies. The effect of option trading is stronger for firms with higher information asymmetry problems. Finally, this paper finds the results are inconsistent with the “quiet Life” hypothesis and the catering hypothesis.

scholarly journals Timing of social distancing policies and COVID-19 mortality: county-level evidence from the U.S.

2021 ◽  
Author(s):  
Catalina Amuedo-Dorantes ◽  
Neeraj Kaushal ◽  
Ashley N. Muchow
Keyword(s):  
New York ◽  
Political Ideology ◽  
Death Rate ◽  
The United States ◽  
County Level ◽  
Level Data ◽  
Level Information ◽  
Alternative Measures ◽  
The U.S ◽  
Pharmaceutical Interventions

AbstractUsing county-level data on COVID-19 mortality and infections, along with county-level information on the adoption of non-pharmaceutical interventions (NPIs), we examine how the speed of NPI adoption affected COVID-19 mortality in the United States. Our estimates suggest that adopting safer-at-home orders or non-essential business closures 1 day before infections double can curtail the COVID-19 death rate by 1.9%. This finding proves robust to alternative measures of NPI adoption speed, model specifications that control for testing, other NPIs, and mobility and across various samples (national, the Northeast, excluding New York, and excluding the Northeast). We also find that the adoption speed of NPIs is associated with lower infections and is unrelated to non-COVID deaths, suggesting these measures slowed contagion. Finally, NPI adoption speed appears to have been less effective in Republican counties, suggesting that political ideology might have compromised their efficacy.

scholarly journals Information Asymmetry, Ownership Structure and Cost of Equity Capital: The Formation for Open Innovation

2021 ◽  
Vol 7 (1) ◽  
pp. 48
Author(s):  
Ade Imam Muslim ◽  
Doddy Setiawan
Keyword(s):  
Stock Market ◽  
Information Asymmetry ◽  
Ownership Structure ◽  
Trading Volume ◽  
Foreign Ownership ◽  
Equity Capital ◽  
Cost Of Equity Capital ◽  
Cost Of Equity ◽  
Ownership Structures ◽  
The Cost

Our study aims to investigate how information asymmetry and ownership structure affect cost of equity capital. For that purpose, we collected 246 issuers over 4 years for a total of 984 observations. By using panel data processing, we found that the information asymmetry we proxied through Price non-Synchronization and trading volume had an effect on the cost of equity capital. Our results also confirmed both Agency Theory and Pecking Order Theory. Both theories are in line with the conditions of the stock market in Indonesia. In addition, we found that institutional and foreign ownership structures also had an effect on the cost of equity capital. Furthermore, our results also confirmed Interest Alignment Theory and Entrenchment Theory. Our research is expected to contribute to the debate on the existence of information asymmetry and ownership structures in relation to the cost of equity capital. We also hope that it will be a valuable input for investors in considering their investment. Moreover, from the results of this study, investors can also consider foreign ownership or institutional ownership in determining their investment. In addition, stock market regulators in Indonesia can develop approaches to minimize information asymmetry and encourage foreign investors to invest in Indonesia.

scholarly journals Leadership Development in Ophthalmology: Current Impact and Future Needs

2021 ◽  
Vol 13 (01) ◽  
pp. e32-e39
Author(s):  
Sean T. Berkowitz ◽  
Janice C. Law ◽  
Paul Sternberg ◽  
Shriji Patel
Keyword(s):  
Leadership Development ◽  
Ethnic Diversity ◽  
The United States ◽  
Outcome Data ◽  
Emerging Leaders ◽  
Cross Sectional ◽  
Leadership Development Programs ◽  
Prior Literature ◽  
Four Levels ◽  
Female Scientists

Abstract Importance There is a lack of peer-reviewed literature on leadership development programs (LDP) in ophthalmology. Research into LDP demographics, outcomes, and methodology is needed. Objective The aim of the study is to evaluate the extent to which LDPs targeting ophthalmologists meet the needs of emerging leaders. Design The design type of the study is cross-sectional analysis. Setting This study involves international setting. Participants The participants involved were ophthalmologists at any career level. Methods Routine internet search was used to identify LDPs targeting ophthalmologists. LDPs identified were categorized by the outcome data available into four levels based on prior literature. Participants were assessed using previously validated software for gender (Gender-API, 2020) and race or ethnicity (NamSor, 2020) Results Nine programs were identified which were classified into LDP generations. The first LDP in ophthalmology was the American Academy of Ophthalmology (AAO) LDP, which served as the nidus for the formation of four multinational LDPs, together forming the Global LDP. These LDPs were similar in size and scope; program size ranging from nine to 30 participants; a length of 1 to 2 years; with similar curricular offerings; with funding primarily derived from cost-sharing with a nominating society. The second generation of ophthalmology LDPs in the United States has targeted female scientists or faculty (Women's LDP by ARVO) and academic ophthalmology leaders (Academic LDP by Association of University Professors of Ophthalmology).The AAO's LDP appears increasingly diverse with approximately 13% women at inception, gradually increasing from 40 to 65% women in the last 5 years (n = 389). There has also been a notable increase in ethnic diversity. Conclusion and Relevance AAO LDP is the preeminent leadership training program for ophthalmologists, and it has influenced the creation of a new generation of LDP offerings. There remains a paucity of LDP evaluation metrics and reported outcomes. Newer iterations are successfully targeting academic leadership and attempting to address known disparities in gender and race or ethnicity. Further expansion of LDPs and related research can ensure equity and diversity in the pipeline.

scholarly journals THE XBRL TECHNOLOGY AND MARKET EFFICIENCY IN BANKING COMPANIES LISTED ON THE INDONESIA STOCK EXCHANGE (IDX)

2020 ◽  
Vol 4 (1) ◽  
pp. 26
Author(s):  
Erni Jayani ◽  
Jumiadi Abdi Winata ◽  
Khairunnisa Harahap
Keyword(s):  
Information Asymmetry ◽  
Market Efficiency ◽  
Financial Reporting ◽  
Stock Prices ◽  
Trading Volume ◽  
Sampling Method ◽  
Stock Exchange ◽  
Institutional Ownership ◽  
Accurate Information ◽  
Stock Trading

The problem in this research is the need for fast and accurate information in the format of the presentation of financial statements resulting in the distribution of information, and data management can be problematic. Therefore, a format for financial reporting systems, namely Extensible Business Reporting Language (XBRL), was formed. The purpose of this study was to determine the effect of XBRL technology, stock prices, Return on Assets (ROA), and institutional ownership on market efficiency (information asymmetry and stock trading volume). The population and sample of this study are banking companies listed on the Indonesia Stock Exchange from 2015-2016. The sampling method using a purposive sampling method and obtained a sample of 42 companies. Data collection techniques are carried out by taking data from the Indonesia Stock Exchange website (www.idx.co.id) and the site http://finance.yahoo.com. Data were analyzed with multiple regression tests after being declared normal with the normality test and though using SPSS 20. The results of this study simultaneously stated that XBRL technology, stock prices, ROA, and institutional ownership together have an influence on information asymmetry and stock trading volume. From the results of the study, it can be concluded that XBRL technology, stock prices, ROA, and institutional ownership cause a decrease in the level of information asymmetry and trading volume. This result also states that the company is in excellent condition when the value of information asymmetry decreases, but it is not good when the trading volume of its shares also decreases. Keywords: XBRL Technology; Stock Prices; Market Efficiency; Information Asymmetry; Stock Trading Volume. 

scholarly journals What can the ideal gas say about global pandemics? Reinterpreting the basic reproduction number

2020 ◽  
Author(s):  
Bradley M Dickson
Keyword(s):  
Random Walk ◽  
Population Density ◽  
Basic Reproduction Number ◽  
Reproduction Number ◽  
The United States ◽  
Ideal Gas ◽  
Parameter Estimates ◽  
Public Data ◽  
The Basic Reproduction Number ◽  
The Ideal

Through analysis of the ideal gas, we construct a random walk that on average matches the standard susceptible-infective-removed (SIR) model. We show that the most widely referenced parameter, the 'basic reproduction number' (R0), is fundamentally connected to the relative odds of increasing or decreasing the infectives population. As a consequence, for R0 > 1 the probability that no outbreak occurs is 1/R0. In stark contrast to a deterministic SIR, when R0 = 1.5 the random walk has a 67% chance of avoiding outbreak. Thus, an alternative, probabilistic, interpretation of R0 arises, which provides a novel estimate of the critical population density γ/r without fitting SIR models. We demonstrate that SARS-CoV2 in the United States is consistent with our model and attempt an estimate of γ/r. In doing so, we uncover a significant source of bias in public data reporting. Data are aggregated on political boundaries, which bear no concern for dispersion of population density. We show that this introduces bias in fits and parameter estimates, a concern for understanding fundamental virus parameters and for policy making. Anonymized data at the resolution required for contact tracing would afford access to γ/r without fitting. The random walk SIR developed here highlights the intuition that any epidemic is stochastic and recovers all the key parameter values noted by Kermack and McKendrick in 1927.

Theorizing Gentrification as a Process of Racial Capitalism

2021 ◽  
pp. 153568412110547
Author(s):  
Zawadi Rucks-Ahidiana
Keyword(s):  
United States ◽  
Middle Class ◽  
Racial Differences ◽  
Low Income ◽  
The United States ◽  
Racial Composition ◽  
Qualitative And Quantitative ◽  
Racial Capitalism ◽  
Quantitative Studies ◽  
Prior Literature

Academics largely define gentrification based on changes in the class demographics of neighborhood residents from predominately low-income to middle-class. This ignores that gentrification always occurs in spaces defined by both class and race. In this article, I use the lens of racial capitalism to theorize gentrification as a racialized, profit-accumulating process, integrating the perspective that spaces are always racialized to class-centered theories. Using the prior literature on gentrification in the United States, I demonstrate how the concepts of value, valuation, and devaluation from racial capitalism explain where and how gentrification unfolds. Exposure to gentrification varies depending on a neighborhood’s racial composition and the gentrification stakeholders involved, which contributes to racial differences in the scale and pace of change and the implications of those changes for the processes of displacement. Revising our understanding of gentrification to address the racialization of space helps resolve seemingly contradictory findings across qualitative and quantitative studies.

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